Bitcoin (BTC) Stays Resilient as Crypto Market Struggles

In the face of conflicts and economic uncertainty Bitcoin is managing to stay above the important support at $104,000. While $BTC is just hanging on with its price in the green, the vast majority of altcoins have sunk into the red. Will Bitcoin join them, or can it continue to hold the line? Chaos and uncertainty continue to reign The current chaotic and dreadfully uncertain world is continuing to be so. The Israel/Iran conflict is persisting, and the Russia/Ukraine war is proving to be extremely difficult to resolve. The recent G7 summit was not able to come to an accord with which to show a united front on the conflict in Ukraine due to resistance from the US, therefore uncertainty reigns, and markets will have a hard time pricing in what may come. $BTC quick drop into the red Source: TradingView At time of writing, the $BTC price has now fallen into the red and is in danger of dropping through the $104,400 support. This can certainly take place, although as long as the price does not fall below $100,440, which is the last big swing low, there is still hope for the bulls. What would perhaps be expected is that either the $104,400 horizontal support level will actually hold, or that another candle wick could take the price down to the area of $103,000. Ascending trendline lends support Source: TradingView Moving out into the daily time frame it can be noted that an ascending trendline could also lend its weight to halting the current slide in price. There is the possibility that a wick could shoot down through both ascending trendline and support, but $BTC is entering an oversold condition now and it may not be long before the downward price action reverses and is bought back up. At the bottom of the chart, the daily RSI does have the indicator line below the yellow moving average, and it is also dropping below the 50.00 level. This is fairly bearish, so a return above that 50.00 support level will need to occur. Bearish weekly outlook, but plenty of time left for a change Source: TradingView Concerns are also appearing on the weekly time frame. It can be seen that if the support does not hold, a dip that could even take the price below $100,000 could take place. Moving through the indicators at the bottom of the chart, the Stochastic RSI has its indicator lines poised to potentially drop through the very important 80.00 level. The RSI indicator line has a downward trajectory, which could see it cross below the yellow moving average, while the MACD indicator at the bottom of the chart is showing a roll over of the indicator lines, at the same time that the light green histogram columns are getting smaller. All the above is pointing to a quite bearish scenario. However, we are not even half way through the week. All the shorter-term momentum indicators have bottomed for $BTC and an upward impulse would be expected to take place, and soon. How strong the next upward surge can be will likely have an impact on whether the price will keep rolling over, or whether all the indicators can tip back to the upside and propel Bitcoin back to the all-time high. The jury is still out. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Source: Crypto Daily